Finance Watch: Public Market Doldrums Have Not Sunk Private Company Funding Yet
Venture Capital Kept Up Near-Record Pace In Q1
ARCH closed a $3bn VC fund to end the month of June while in the same week six public biopharma firms said they are cutting jobs. Even so, some publicly traded companies have been able to launch sizeable offerings, including a $450m note sale by Cytokinetics and Xenon’s $250m follow-on.
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Verrica’s Ycanth, a drug-device combination product containing a formulation of cantharidin, is approved by the FDA as the first treatment for molluscum, after three complete response letters.
Investment bank analysts, VC funds and biopharma companies all sought to calm investors’ nerves as a go-to financial institution for tech and biotech collapsed.
Public Company Edition: Aileron, Talaris and Frequency said they will reduce expenses and seek options for maximizing shareholder returns under tough stock market conditions. However, CureVac and Supernus are among firms recently able to access new cash – $250m and $150m, respectively.